How to Get a Loan With No Credit or Job

By Gwynita Leggington

  • Overview

    If you are unemployed and do not have credit, you may find it difficult getting a loan from a traditional lender. Many financial institutions require you to have good credit, along with a steady employment history, to qualify for a loan. However, there are a few ways to borrow money even if you do not have a job or sufficient credit--you may actually receive enough money to cover your personal expenses.

    • Step 1

      Apply for a federal student loan. If you are currently attending college (or thinking about going to college), you may qualify for a federal student loan from the government. Fortunately, you do not need credit or a job to qualify. However, you must be enrolled in school at least part-time and your college must be an accredited institution that participates in the federal financial aid program. You must first complete the FAFSA (Free Application For Federal Student Aid) and supply all of the required information, including details about your household income (see Resources below). Speak with a financial aid counselor at you college for more information on how to apply for federal student loans.
    • Step 2

      Visit a pawn shop for a loan. A pawn shop is a place of business that lends you money on personal items, such as jewelry, computers, televisions, certain clothing products and practically anything else of value. Once you pawn an item, you are given a specific date in which you must return to the store to repay your loan or extend the loan. And after you repay your loan in full (including finance charges), you immediately get the pawned item back.
    • Step 3

      Apply for a cash advance. Payday loans and cash advances are not just for the employed. In fact, many cash advance companies will lend you money if you have some type of regular monthly income. For example, if you receive unemployment, Social Security or disability benefits, or if you receive a monthly stipend from your school or from a settlement, then you may very well qualify for a cash advance.
    • Step 4

      Ask your church for a loan. Many churches have the funds to lend money to members who demonstrate a financial need for it. However, some churches may require you to be an active member of that church to receive a loan.
    • Step 5

      Borrow money from a relative or friend. Perhaps a family member or close friend will lend you some money to help you out. If you decide to borrow money from a relative or friend, write down the exact amount and date of the loan and get a clear understanding of the repayment schedule. You may even want to prepare a document with all of the necessary details and give a copy of it to that person for his records.
  • Skill: Moderately Easy
  • Tip: Be sure to ask about fees and interest rates before applying for a loan.

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